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. there was such a huge backlash over a proposed tax on bank deposits. >> yeah. >> very outspoken about that. >> absolutely. including people around europe worried too. you see there some worried people lining up outside atms because the banks are still closed, our nick paton walsh is in the capital. >> the reason people are in such large numbers is because this atm is working. some getting 500 euros, some less, not sure what the rules are to many of them but it's a symptom of a panic slowly setting in. we have a banking system here that's really beginning to collapse. people in shops saying they'd rather take cash because the people supplying them goods for sale insist on receiving cash concern for the government's pay system won't function in the 48 hours ahead. but above all people just trying to make sure they have enough money to get through the days ahead. >> so much uncertainty. so much distrust. richard quest is joining us now from london on this. so what happens monday if they don't come up with a so-called plan b? >> right. if there is no credible, workable plan, or a bailout plan,
been taxing literally all of the accounts, so they kept the banks closed so people wouldn't drain their accounts. so what is happening now. >> cyprus has struck a deal that taxes just the biggest bank accounts, anything more than $130,000. and that will hit mainly foreign investors. will hit them the hardest anyway because the banking system in cyprus takes in billions of dollars in foreign investment, especially from russia. >> but the deal is good for americans, europe is actually one of our biggest trading partners. and if it's in turmoil, europeans not in the mood to buy any american goods. american markets were higher friday in the hopes the deal would be reached this weekend. what is the reaction today? >> zain asher's in new york for us. tell us what happened. there was a bit of a bounce but then it came back. what's been the impact? hey, michael, and suzanne. sduric manages a gain. dow hit a new intraday high 14,563. the s&p got within one point of a record high. but we watched the s&p a little bit more closely because it's bigger, 500 stocks as opposed to the dow's 30. an
in the bank will be taxed on them. under $130,000 it's a 6.75%, over $130,000 a 9% tax. and of course this is going to hit ordinary depositors, moms and pops, poor businesses, anybody who's got a bank account in cyprus is going to have to pay this tax. and it changes a fundamental principle of all bailouts so far. it is hitting the small people, the private investor, the private depositor. >> look at the other countries that have been bailed out. greece as a prime example where wages and retirement was slashed by more than these people are going to pay, which is a -- >> no, no, no. no, michael, it's not -- in cyprus case it's not an either or all, it's going to be a both. not only are they going to face this tax to help make up a shortfall, they're also going to have spending cuts and the government cutbacks, they're also going to have the recession that follows on as they try and make the economy back on track. this was done because some european countries believed to be the fins and germans and other northern european countries wanted to make sure they were not seen as bailing out r
a one-time tax on bank accounts. why investors are around the world including the united states are growing more concerned about what is happening in cyprus. >> we're following a developing story in nevada where a military training exercise has ended in tragedy. the marine corps says seven marines were killed in an explosion. authorities investigating the exact cause which could include a related traffic accident. >> all this happening at hawthorne army depot in western nevada, 140 miles southeast of reno. helicopters brought in to take those patients to area hospitals. >>> at least 48 people today were killed in a wave of deadly attacks across iraq. >> in all, 17, yes, 17 car bombs, 7 roadside bombs and 2 shootings, this all coming of course on the tenth anniversary of the u.s.-led invasion of iraq. >> a live report from baghdad at the bottom of the hour. ♪ >> the trumpets sounding in the vatican, today marks the official start of pope francis' papacy. >> thousands of people, francis was inaugurated. the bishop of rome. >> francis cruise through st. peters square, in an open
it by reducing and taking away child benefits, which was universal tax credit that was given to all mothers. they did that five months ago. now yesterday they announced that they were going to give credit to parents who were going out to work, but they weren't actually going to bring it into place until 2015 until the next government's in place. so we've got a long way to go until it actually happens. >> there was an interesting survey here in the united states salary.com, i'll give you the stats, they said that mothers spend about 94 hours a week working on their parental duties. this is no real surprise i suppose if you've got kids. things like child care, cooking and cleaning. if they were to get paid for those duties with today's sort of average salary rankings, it comes out to $112,000 a year you'd be paying them. so you generally think stay at home moms aren't respected in great britain or generally speaking within the community? >> no, they're not respected. women visible in country and there are only two countries in the whole world that don't recognize a family, that means a couple
that they would have to tax the bank accounts of their own citizens and those of foreigners in their country to help pay back this loan to bail them out. they don't like the idea of that at all. who's pushing it? we don't know where it came from, but we know a very strong eurozone member, germany, has been talking a lot about accountability. the idea that if you have a bailout like this for cyprus there has to be some really strong participation from cyprus in paying it back. and maybe there's no other way for them to pay back. that is what has spurred so much talk about russia of all things. why russia? why would russia be so interested in all this? there's a historic connection between russia and cyprus, but importantly many, many russians have many, many millions of dollars in those cyprus banks as an offshore tax haven. enough so they may control half of the accounts there in cyprus. the russian government does not want that money lost to its citizens for investment in russia, for building in russia. so the idea has been floated that maybe russia will step in and find a way to help pay b
Search Results 0 to 5 of about 6